Bitcoin

when

James

A potential return of Bitcoin&nbsp;to $73,000 could mark the beginning of the asset’s acceleration to “escape velocity,” according to a crypto analyst.&nbsp;
Escape velocity is a term used in astrophysics to describe the minimum speed needed for an object to escape from the gravitational field of a celestial body, like a planet or moon, without further propulsion. 
Crypto analyst James Check used the term in a May 21 market <a href="https://newsletter.checkonchain.com/p/bitcoins-back-on-the-move" target="_blank" rel="noopener nofollow">report</a> to describe what Bitcoin&nbsp; (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;could do once it retakes the $73,000 price point.
Check refers to the short-term holder (STH) market value to realized value (MVRV) metric, which he explains suggests the market is not yet “overstretched, overbought, and over-saturated.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/46ba47ae-1c8c-4080-8f50-54d83da77cfd.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Short-term holder MVRV indicator. Source: James Check
 </figcaption>
</figure>
“Whilst the transition from enthusiasm to euphoria can happen quickly, it feels like we have not reached the point of euphoric escape velocity…yet,” Check explained.
“We are still within a steady, stable, enthusiastic, but importantly NOT euphoric phase of the bull,” he said, forming strong base foundations for a price rally at $73,000.
However, he also warned that this price point is also where STH — wallets that have held Bitcoin for less than 155 days — are now in “sufficient profit,” which may lead to a sell-off causing “some resistance.”
A few other crypto analysts also agree market euphoria has yet to materialize.
“Bitcoin is at $70k and there is little excitement and no euphoria, have to like it,” crypto trader Matthew Hyland declared in a May 22 <a href="https://x.com/MatthewHyland_/status/1793305134237143426" target="_blank" rel="noopener nofollow">post</a> on X.
“Bitcoin is just a sneeze away from entering price discovery,” <a href="https://x.com/CryptoJelleNL/status/1792906239921295418" target="_blank" rel="noopener nofollow">added</a> pseudonymous crypto trader Jelle.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-preps-for-bigger-move-as-on-chain-metrics-reset">Bitcoin price preps for ‘bigger move’ as on-chain metrics ‘reset’</a>
Pseudonymous crypto trader Yoddha is under the belief that Bitcoin will reach its peak price before March 18, 2025:
“Bitcoin has been consolidating in the current range from the past 84 days, IMO from the current price, BTC will hit the Top within the next 300 days,” they wrote in a May 22 <a href="https://x.com/CryptoYoddha/status/1793429169600413921" target="_blank" rel="noopener nofollow">post</a>&nbsp;on X.
A jump to $73,000 from its current price of $69,088 is around 5.6%, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/aaf08b21-5d59-4af9-8da6-d3966f0eda46.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin is up 5.22% over the past seven days. Source: CoinMarketCap
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-stacks-price-predictions-cryptocurrency-daan-crypto-trades-hall-of-flame/">If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin return to $73K could be a start to ‘escape velocity’ phase

Cointelegraph

Other articles published on May 23, 2024

Moonbag Presale Gains Traction Amid Fantom's Transaction Limits, Slothana's Investor Concerns

Pepe Coin Leaps to New Heights Amid Altcoin Frenzy, Surpassing Dogwifhat as Third-Largest Meme Coin

Hong Kong SFC Considering Ether Staking for Ethereum ETFs

Bitcoin price at $150K in 2024 is ‘base case’ — Tom Lee

Meet the women behind the world’s largest crypto exchanges

Is $77,600 The Next Step For Bitcoin? On-Chain Pricing Model Hints So

Join our free newsletter for daily crypto updates!